17/11/2022 16:58

Pendal (PDL) $4.93 & Perpetual (PPT) $27.59

PPT -12.63%, PDL +10.54%: Another twist in this ongoing tussle today with the pendulum swinging back in favour of Pendal.  This morning saw a number of announcements including a court ruling regarding the proposed merger. The key points being:

Read more

10/11/2022 17:06

Perpetual (PPT) $33.40 / Pendal (PDL) $3.91 / Regal (RPL) $3.01

PPT +14.82%, PDL –10.93% , RPL +4.15%: This morning the Regal/BPEA consortium increased the indicative offer put to PPT management to $33 up from the original bid at $30. While PPT knocked back the higher bid again, at $33 it represents ~28% premium to 1 day VWAP prior to deal and over the magical M&A level (30%) at 36% on the 30-day VWAP metric, so in other...

Read more

04/11/2022 16:38

Pendal (PDL) $4.51

PDL -0.22%:  Putting the three way takeover tussle to one side, Pendal (PDL) reported full year results this morning that were solid, all key metrics were in line to slightly above market expectations with revenue of up 8% to $629.7m  and underlying profit up 17%. The dividend of 3.5cps for the half was below 22cps expected however the dividend comes off...

Read more

04/11/2022 09:21

Pendal Group Ltd (PDL) $4.52

We hold PDL in our Active Income Portfolio, the combination of PPT’s takeover bid, an attractive valuation, plus an apparent bottoming of outflows maintains means this as our preferred exposure to the space, especially after yesterday’s -11.7% fall – the stock is currently estimated to yield over 8% over the coming 12-months and we think the share price, one way or another, will be higher over the coming year.

Read more

04/11/2022 09:17

Perpetual (PPT) v Pendal Group (PDL)

As we wrote about yesterday in “The Match Out Report” a consortium led by aggressive alternative asset manager Regal Partners (RPL) and including private equity firm EQT have lobbed a very cheeky $30 bid for PPT, while we think the chances of success at that price are similar to winning last week’s $160mn Powerball, there is little downside for Phil King’s RPL in this foray with multiple angles at play.   

Read more

03/11/2022 16:44

Perpetual (PPT) / Pendal (PDL) & Regal Partners (RPL)

PPT +7.14%, PDL -10.67%, RPL +4.48%: Perpetual (PPT) has a bid in play for rival fund manager Pendal (PDL) and today it was announced that Regal Partners (RPL), alongside a Private Equity firm have made a bid for Perpetual (PPT) at $30, a small 11.5% premium to their last traded price. This is interesting as the ‘go too’ trade in town for hedge funds was short Perpetual (PPT) and long...

Read more

20/10/2022 09:35

Pendal Group (PDL) $4.98

The fund manager posted a better-than-feared quarterly update yesterday and while flows of -$2.3bn were negative, it showed a significant improvement (slowdown) versus recent qtrs (3Q -$4.0bn) and better than the market had feared.

Read more

28/09/2022 09:34

Pendal (PDL) & Perpetual (PPT)

Over the past month, the ASX has fallen 8.5% before dividends, and fund managers are highly leveraged to this negative move given marked to market funds under management (FUM) falls by a similar amount and that impacts management fee income. They also have the added impost of outflows, with the majority of active managers having experienced this over the past 12 months or so - it’s clearly a challenging backdrop. We own Pendal (PDL) in the Income Portfolio and have had a number of questions regarding the bid, which is still in play.

Read more

31/08/2022 09:29

Active Income Portfolio

The portfolio was higher during the week up 0.38% with cash at an elevated 12%. Pendal (PDL) was the top performer adding 7.55% following the confirmed tilt by Perpetual (PPT) while G8 Education (GEM) edged 4.12% higher following their results which showed improving occupancy levels in their centres. On the flip side, Service Stream (SSM) -14.20% was the biggest drag on a weak FY22 result which we cover below.

Read more

25/08/2022 17:44

Perpetual (PPT) $27.44 & Pendal (PDL) $5.29

PPT -9.44% PDL +8.40%: The takeover took a more definitive step today as we thought it would on the day that Perpetual (PPT) reported FY22 results, which quickly became a secondary concern. The deal is framed as a takeover worth $6.016 for PDL based on yesterday’s close on PPT, however, as PDL shareholders, we’ll receive some PPT stock and...

Read more